Various electronic trading platforms currently exist to facilitate and execute trades of varying size and scope between market participants. Trading platforms are typically specialized and may operate within specific asset classes. Trade execution information generated by a trading platform may be shared internally with other parties on the trading platform. Processes such as “work up” have traditionally been run solely by the inter-dealer broker that arranged the original trade, as they were the only execution venue with knowledge of the trade at that time. This, in turn, means that other market participants within the same trading platform may only have one opportunity to participate in a work-up session off the back of a trade, and as a result may not be able to achieve execution because, for example, the execution venue where the work-up session is being operated may use an algorithm that prioritizes for matching the orders of other participants. In other words, trade data is available only for a particular platform to make a new trade on that platform.
For competitive reasons, trading platforms do not widely share their trade data with other platforms. A trading platform may choose to publish their trade data externally on a ticker for a fee. However, the ticker trade data includes a time delay such that a different trading platform is unable to provide the same trade to its users in a timely manner that market participants are willing to execute on. New trade offers based on stale trade data provide little value to market participants. Thus, even when trade execution data is shared to the broad market by a trading platform, the shared information quickly becomes out of date and untimely such that other trading platforms are unable to utilize the information as a basis for a new trade. This opaqueness limits the ability of current systems to facilitate trades based on trades executed elsewhere in the market. As a practical matter, new trades based on previously executed trades are limited technologically to the participants of the same platform. Even if market wide trade data is shared from every trading platform, there is no solution available to utilize that information in a timely manner to offer and execute new trades based on executed trades.
Consequently, it is desirable to have a new type of trading system and method that procures, receives and only processes the external executed trade data that is suitable for generating timely and relevant trade opportunities based on the executed trades to enable market participants to execute new trades while at the same time conserving the resources of the trading system by avoiding needless processing of unsuitable data.